MML Investors Services LLC Raises Stake in Paychex, Inc. (NASDAQ:PAYX)

MML Investors Services LLC increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 26.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 100,974 shares of the business services provider’s stock after purchasing an additional 21,074 shares during the period. MML Investors Services LLC’s holdings in Paychex were worth $8,309,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PAYX. FinTrust Capital Advisors LLC increased its position in shares of Paychex by 64.9% during the 1st quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 122 shares during the last quarter. Glassman Wealth Services increased its position in shares of Paychex by 125.0% during the 1st quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 170 shares during the last quarter. Manchester Financial Inc. bought a new position in shares of Paychex during the 2nd quarter valued at about $29,000. Lowe Wealth Advisors LLC increased its position in shares of Paychex by 466.3% during the 2nd quarter. Lowe Wealth Advisors LLC now owns 453 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 373 shares during the last quarter. Finally, Trustcore Financial Services LLC bought a new position in shares of Paychex during the 1st quarter valued at about $48,000. 69.54% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts recently issued reports on PAYX shares. William Blair restated a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a research report on Saturday, August 24th. Morgan Stanley lowered Paychex from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $77.00 to $74.00 in a research report on Thursday, August 15th. Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. Finally, Cowen started coverage on Paychex in a research report on Wednesday. They set a “market perform” rating and a $74.00 price target on the stock. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and a consensus price target of $76.00.



NASDAQ PAYX traded up $0.36 on Thursday, hitting $81.61. The company’s stock had a trading volume of 574,061 shares, compared to its average volume of 1,862,126. Paychex, Inc. has a 52-week low of $61.32 and a 52-week high of $88.43. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.30. The company’s 50-day simple moving average is $82.74 and its 200 day simple moving average is $82.86. The firm has a market cap of $29.40 billion, a P/E ratio of 28.74, a PEG ratio of 2.95 and a beta of 0.88.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The business had revenue of $980.40 million during the quarter, compared to analysts’ expectations of $978.94 million. During the same quarter last year, the business posted $0.61 EPS. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts forecast that Paychex, Inc. will post 3.09 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 1st were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Paychex’s dividend payout ratio (DPR) is currently 87.32%.

In other news, CFO Efrain Rivera sold 3,196 shares of the firm’s stock in a transaction that occurred on Saturday, July 6th. The stock was sold at an average price of $85.31, for a total value of $272,650.76. Following the completion of the transaction, the chief financial officer now owns 57,707 shares in the company, valued at approximately $4,922,984.17. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 19,759 shares of the firm’s stock in a transaction that occurred on Saturday, July 6th. The shares were sold at an average price of $85.31, for a total value of $1,685,640.29. Following the completion of the transaction, the chief executive officer now owns 280,170 shares of the company’s stock, valued at approximately $23,901,302.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,996 shares of company stock valued at $4,763,436. Company insiders own 11.80% of the company’s stock.

Paychex Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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